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11 tips for filing taxes
Because some of us might feel the crunch this time of year, KARE 11 talked to tax expert Steven E. Warren, CPA, MBT, with SDK CPAs, who offered some guidance.
MINNEAPOLIS — WELLNESS CHECK.
We’re just over a month away from tax day in the United States.
Because some of us might start to feel the crunch this time of year, KARE 11 talked to tax expert Steven E. Warren, CPA, MBT, with SDK CPAs, who offered some guidance about maximizing your 2024 return.
Those who qualify for a clean vehicle credit could receive a generous tax break. The Internal Revenue Service determines your eligibility based on the following factors:
- Planning to buy a new clean vehicle
- Looking to claim a credit for a new clean vehicle you already bought
- Planning to buy or already bought a used clean vehicle
- Buying a vehicle for business use
For more information about clean vehicle credits, click here.
The maximum credit for families in Minnesota is $1,750 per child under 18, with no limit to the number of children eligible for the tax credit.
Some eligibility requirements include:
- Being a full-year or part-year resident of the state in 2023
- You are not a dependent of another person
- Your 2023 income was under $35,000 for married filing jointly status; under $29,500 for others
For more about Minnesota’s Child Tax Credit and to see if your family qualifies, visit the Minnesota Department of Revenue’s website.
OUT-OF-POCKET CHARITABLE CONTRIBUTIONS & MILEAGE
According to Warren, charitable transactions and out-of-pocket expenses toward charitable organizations are deductible — but often overlooked. Additionally, if you drive for a charity, you could be eligible to receive the 2023-2024 rate of 14 cents per mile.
UNAMORTIZED POINT DEDUCTION
Unamortized points — payments to buy down your mortgage interest rate — can also be deducted on your taxes, but only if the loan’s proceeds were used to buy or improve your home.
You can visit the Internal Revenue Service’s website for more information about what’s eligible and how to include the deductions in this year’s filing.
DIVIDEND & CAPITAL GAIN REINVESTMENTS
Experts say to consider any dividend and capital gain reinvestments — i.e. stocks — when calculating the gain or loss on the sale of a security. Reinvestments become a part of your basis and reduce the taxable gain, or increase the loss, to give you a better tax result.
For more information and to acquire the proper forms, click here.
PROPER SUPPORT FOR DEDUCTIONS
Speaking of acquiring the proper forms, Warren said to make sure you have the appropriate support for your deductions in the correct forms and to collect them in a timely manner.
For example, obtaining proper support for a charitable contribution prior to filing your tax return is normally required to deduct the donation.
You can visit the IRS’s website to review your options and collect any needed forms.
Include any tax rebates you received from the state in 2023 as “Other Income” on Schedule 1 of your federal income tax return. It is not taxable to Minnesota and is a subtraction on Minnesota Schedule M1M.
Homeowners and renters alike can be entitled to receive a property tax rebate. To qualify in Minnesota as a renter, the state’s Department of Revenue offers these criteria:
For homeowners, the agency said these points must be true:
- Own and occupy a home
- Have your home classified as a homestead with your county
- Pay or arrange to pay your property taxes
According to Warren, some people with lower income choose not to file because they don’t owe anything. However, they may be missing out on a refundable earned income credit, working family credit, child tax credit, American opportunity credit, premium tax credit or aforementioned property tax refund.
Filing is also the only way to get a refund of income tax withholding that is not owed.
While e-filing is becoming more and more common — and generally encouraged — experts warn you’ll want to make sure you’re following these steps:
- Sign and date the returns
- Attach to the tax returns copies of W-2s, 1099-Rs, etc. that include income tax withholding
- Copy the signed returns for your records
- Use correct postage. Consider using certified mail if additional proof of mailing is desired
Finally, if you can’t complete your filing by April 15 this year, you can request a six-month extension. By filling out his form, you’ll have until Oct. 15, 2024, to file your return, if approved. To get it, you have to estimate your tax liability and pay any amount that’s already due.
The IRS allows earners to file for extensions for free online here.
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John Sawchak faces four felony charges after officials said he shot his neighbor on Grand Avenue South while trimming a tree on their shared property line.
MINNEAPOLIS — A man is recovering in the hospital after being shot outside his home in a dispute with a neighbor on Grand Avenue South in Minneapolis on Oct. 23.
According to a criminal complaint, Minneapolis police responded to a hospital for a report of a gunshot victim on Wednesday night. The injured man had been transported from his home on Grand Avenue South for an unknown medical condition that caused him to collapse. The man was found in the fetal position by his wife when she got home from work that evening.
Officials later identified the victim as Davis Maturi.
At the hospital, providers found a small puncture wound in the back of Maturi’s neck that led to the discovery of a bullet lodged near his spine. When he arrived at the hospital, he couldn’t recall what led up to him being shot, according to the criminal complaint.
Maturi’s wife told officials that he had been outside earlier in the day pruning a tree near their property line with a chainsaw. She said their neighbor, John Herbert Sawchak, 54, had “almost certainly” shot her husband.
In the previous week, Maturi’s wife said Sawchak told her husband “Touch my tree again and I’ll kill you.”
The criminal complaint goes on to detail numerous complaints of harassment the Maturi’s experienced since purchasing their house in September 2023.
Oct. 11, 2023: Maturi approached Sawchak to discuss the tree on their property line. Sawchak became irate, according to the criminal complaint, yelling at Maturi and using “racially charged language.” Sawchak told Maturi if he “touched” the tree, Sawchak would “take care of” him.
March 1, 2024: Sawchak approached Maturi while he was working outside his house on a ladder. While verbally harassing him, officials said Sawchak told Maturi that he would put him in the hospital.
April 5, 2024: Sawchak threw household items at Maturi from his 2nd-floor window.
May 28, 2024: Sawchak verbally threatened Maturi, calling him “a Black bastard,” and telling him “I’m going to kill you if you call the police again. All you people do is lie and commit crimes.”
Aug. 7, 2024: Sawchak verbally threatened Maturi from his 2nd story window. Maturi saw Sawchak holding up a large knife in the window while threatening to kill Maturi and his wife.
Oct. 8, 2024: Sawchak verbally threatened and screamed racial slurs at Maturi from his 2nd-floor window. Sawchak also, once again, brandished a knife from his window while threatening to kill Maturi.
Oct. 14, 2024: Maturi saw Sawchak outside Maturi’s home with a firearm. Sawchak pointed the firearm at Maturi through the window.
On the evening of Oct. 23, Maturi’s wife went home to pack some things and leave for the night, officials said. Sawchak verbally harassed her and shone a stone light on her as she left her home, the criminal complaint read. The next day, Maturi and his wife were able to access home security footage from their home cameras. The video shows Maturi working outside near the tree at the property line with his back to Sawchak’s home. A faint “crack” or “pop” can be heard, then Maturi collapsed to the ground.
Maturi remains hospitalized with a fractured spine, two broken ribs, and a concussion. He talked to KARE 11 from his hospital bed and said he feels the police failed to protect his family by not arresting Sawchak during one of the various other incidents.
“If you’re saying you’re scared, what does that do to me?” Maturi said. “You have this body armor, you have professional training… when I call for assistance, when I called for having a knife pointed at me, I had to wait hours and hours and hours.”
As of Sunday morning, Sawchak is not in police custody. According to the criminal complaint, Sawchak has at least three active warrants associated with prior threats or acts of violence against Matsuri and other neighbors. Sawchak has “actively evaded” police during their prior attempts to contact or arrest him.
A letter from ranking members of the Minneapolis City Council to Mayor Jacob Frey showed anger and blame directed at the Minneapolis police department for allegedly failing to act on Maturi’s numerous complaints against Sawchak before the shooting, and failing to arrest him immediately after the shooting.
“MPD still has not arrested the suspect despite charges from the Hennepin County Attorney’s Office for Attempted Murder, 1st Degree Assault, Stalking, and Harassment and a request from the HCAO for a warrant with $1 million bail. MPD told the HCAO they do not intend to execute the warrant ‘for reasons of officer safety,’” said the letter from the Minneapolis City Council.
Watch Minneapolis Police Chief Brian O’Hara’s response below:
Police are investigating after three men were shot early on Saturday morning.
MINNEAPOLIS — Minneapolis police are investigating after three men were shot in the Ventura Village neighborhood early Saturday morning.
According to Minneapolis police, officers were called to the area around East 21st Street and South 15th Avenue around 5 a.m. Saturday.
Officers found three men had been shot. One of the men died and the two others were taken to the hospital with what police described as life-threatening injuries.
Officials said the shooting happened at a small homeless encampment.
Police have not announced any arrests as of Saturday morning.
KARE 11 will update this story as more information is made available.
This Halloween the chocolate shop is getting very festive.
MARINE ON SAINT CROIX, Minn. — A small sweet shop in a Minnesota river town has won some BIG awards for its chocolates.
St. Croix Chocolate Company in Marine on St. Croix has won national and international awards including Best of Show in this year’s America’s Division of the International Chocolate Awards.
Their chocolates are available at the St. Croix Chocolate Company kitchen or online.
This Halloween they are selling a Halloween Countdown Calendar that features 14 prize-winning recipes made into ghosts, bats, skulls and other spooky configurations. They also have a Boo Bag-handled tote that comes with their “best of” Halloween assortment.
Owner and Chocolatier, Robyn Dochterman, joined KARE 11 Saturday to share what St. Croix Chocolate Company has to offer.
